An original bill to permit price differences with respect to credit card sales transactions.

Summary

Amends the Truth in Lending Act to prohibit issuers of credit cards from prohibiting a seller from charging different prices to induce a cardholder to pay by cash, check, or other means not involving the use of a credit card. Exempts differences in price offered by a seller from disclosure as a finance charge if the following requirements are met: (1) the price difference does not exceed five percent of the cash price of the property or service; (2) the same difference is available to all cash customers or is applicable to all credit card customers using the same card; and (3) the price difference is clearly and conspicuously disclosed at the seller's place of business and in any advertisement that includes a price. States that if such requirements are not met the entire difference is a finance charge. Declares that a card issuer other than the seller is not required to treat a price difference offered by the seller as a finance charge even though such requirements are not met. Provides that price differences that meet such requirements will not be a charge for credit under State usury laws or any State laws relating to disclosure of information in connection with credit transactions.

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Versions

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Documents

2 official files

• Passed Senate amended

  summary · EN · 28 February 1984

  Open at official source

• Introduced in Senate

  summary · EN · 23 February 1984

  Open at official source

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